If this is supposed to be an example of a good investment, I'm not seeing it, unless of course your think that I'm being much too generous with my allotment of capital expenditure.

Some have alluded to it already, but the major capital costs like roof and foundation are shared by all the owners, and if your HOA is well-managed, you might have lower capital expenditures than you would with an equivalent single family house, due to economies of scale.

If private, you will want to be very diligent with inspections, et. al. to make sure park is in compliance, past violations, and any future capital expenditures. 

I reevaluated my time expenditures a few months ago and found that I was wasting WAY too much time on Reddit.

In addition there is a high likelihood of considerable differed maintenance (roof, plumbing, electrical, exterior, etc.) which eventually will need to be addressed and will drive up your capital expenditures.  

thebiggest thing i look for is location to major highways, 295, 195,130, njtp, etc. a convienent commute is a good selling point. taxes suck all over jersey, make sure your rentis high enough to cover taxes and other expenditures.

Capital expenditure can be tricky because it is relative to the income a given property may produce.

So let's talk about cash flow, broken down on a monthly scale:$1,100.00 rent$66.66 insurance$121.00 property management (11%)$91.66 vacancy (8.33% or 1-month)$117.56 mortgage (principal & interest)$44.75 property taxes$55.00 maintenance/repairs (5%)$55.00 capital expenditures (5%)$548.37 cash flowIf I remember right, this puts the capitalization rate at about 30% and the annual ROI at about 120%.

The reason for this is as properties become more expensive, your capital expenditures and repairs will become a lower percentage of your property.

It definitely makes sense to plan for capital expenditures in the rent.